Hi there all...
So, I have a question for whoever may have insight...!
I'm been searching for answer to this question:
How long will certain actions effect my credit score? Thus, how long will it take to rebuild...I've heard 2 yrs (after bankruptcy, the "walk away from it all," which DOES NOT make any sense), 3 yrs (after completing credit arbitration), & I've heard 7-10 yrs for all of these as well! OMG...I don't know who to believe!
I finally found this site...! It seems that maybe many of you have gone through what I may need to go thru.
I've NEVER been late on any account in my life (I have 10 accounts, I know a lot!) & I've thankfully, been able to pay them off 2 different times in my life as well! I credit score was 729 four yrs ago. Now my utilization of debt to credit line is very high, thus huring my score. Also, due to economy & others not able to pay their bills to me...my income is suffering EXTREMELY! I've been taking out of my IRA (I know, HORRIBLE! I don't have much left now), I'm down-sizing from a large beautiful home w/open space, mtn views to...a 1 bdrm cottage! I'm REALLY trying to do the right thing...but soon, I'm looking at not being able to make all my bills next month...& I'm TERRIFIED! I don't want to file bankruptcy!
I'm considering settling some accounts...but I can't get a concrete answer on how that will effect my credit & how long it will be bad..as I noted above?
I've gotten several answers from an array of folks regarding what I should do:
1) settle/abitrate w/creditors -whlie still paying these off as fast as I can (3 yrs or possibly less)
2) Do it on my own, late payments on come accounts (which will happen for a long time, much longer than 5 yrs), while paying off certains accounts SLOWLY! (Meanwhile, I expect these accounts will close & even go into collections!)
3) or bankruptcy
***** All are HORRIBLE....I'm totally freakin' out, but I'm looking at my credit suffering tremendously regardless, so I want to the best thing & pay what I can! *****
4) win the lotto!!! (never happening, right?)
So, could I get your comments/advice after those of you who have done this credit abitration (settling) credit card debt?
Really, ANY input on any option (even something I've not learned of or listed here)...I will greatly appreciate!
Thanks...
"Super scared & Nail-biting"
